Press release from Business Wire India
Source: Polaris Software Lab Limited
Wednesday, November 03, 2010 02:14 PM IST (08:44 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology; Technology
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Polaris Software Delivers Customer On-boarding Hub Solution to Bank of Montreal (BMO) Capital Markets
Polaris IntellectTM GUB's robust and scalable KYC solution helps financial institutions streamline client on-boarding and KYC Compliance
Chennai, Tamil Nadu, India and Toronto, Canada, Wednesday, November 03, 2010 -- (Business Wire India) -- Polaris Software, a leading Financial Technology company, today announced that it has completed the first phase of an implementation, of Polaris IntellectTM GUB's (Global Universal Banking) Customer On-boarding Hub for BMO Capital Markets' Customer Information File (CMCIF) solution. BMO Capital Markets is the investment and corporate banking arm of BMO Financial Group. The solution, powered by IntellectTM Business Process Studio framework offers end-to-end customer on-boarding with KYC (Know Your Customer) and AML (Anti Money Laundering) compliance, approval and exception management and a 360 degree view of customers, subsidiaries, individuals and accounts information.
Leveraging its path-breaking IntellectT Business Process Studio (BPS) framework and Accelerator Implementation Methodology (AIM), Polaris has made it possible to configure and implement the solution in less than 5 months. IntellectTM GUB's Client On-boarding Hub provides a single platform for customer on-boarding across various Lines of Business (LOB) and products offered by each LOB with different process flows and compliance checklists ensuring a single user view for disparate databases, multiple application interfaces and reference database information. It can also streamline customer on-boarding with in-built checklists, alerts and real-time dashboards like OFAC compliance, Factiva integration and internal lists negative news filtering, as per the KYC norms based on US Patriots Act, FATF (Financial Action Task Force) and FSA (Financial Services Authority) conduct guidelines.
IntellectTM Business Process Studio (BPS) is the business process automation framework that powers Global Universal Banking (GUB) - IntellectTM 10.0, the most comprehensive banking platform built using the next-generation Service Oriented Architecture (SOA) technology. IntellectTM BPS comes with a revolutionary agile application development framework bundled with a workflow and imaging engine that enables rapid customized solution delivery with 'no software change'. The business benefit is drastically reduced application development change management cycle time.
Commenting on flexibility of the IntellectT platform Mr. Arun Jain, Founder, Chairman and CEO, Polaris Software Lab said, "The SOA based modular design of IntellectTM gives it flexibility, scalability and robustness, which enables it to combine different financial components into an overall integrated solution that is capable of introducing new and better products and services in the marketplace. IntellectTM Client On-Boarding Hub with its robust and scalable KYC solution accommodates amendments to KYC policies and caters to various LOBs and jurisdictions, making it extendable across the enterprise and its multiple regions in a Financial Services organization."
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider offering equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, merchant banking, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. BMO Capital Markets has more than 2,000 employees operating in 26 locations around the world, including 14 in North America.
BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$386 billion total assets and 38,000 employees as at July 31, 2010. For more information, please visit http://www.bmocm.com/
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 10,000 solution architects, domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, IntellectTM Global Universal Banking (GUB) 10.0. IntellectTM is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance.
Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For more information, please visit http://www.polarisFT.com/
CONTACT DETAILS
Shailesh Dhawla, Polaris Software Lab, +91 9711811460, shailesh.d@polaris.co.in
Dwaipayan Deb, Polaris Software Lab, +91 9962536442, dwaipayan.d@polaris.co.in
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY
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